“The smart lighting market is expected to grow at a CAGR of 21.50% between 2018 and 2023”
The smart lighting market is estimated to grow from USD 7.93 billion in 2018 to USD 20.98 billion by 2023, at a CAGR of 21.50% between 2018 and 2023. The major factors driving the growth of the smart lighting market include modernization and development of infrastructure to transform cities into smart cities, increased demand for intelligent solutions for street lighting systems, need for energy-efficient lighting systems, increasing adoption and decreasing cost of LEDs, and growing awareness about energy savings among consumers and governments worldwide. However, factors such as perception of higher costs of installation and limited awareness about payback periods, and security and privacy issues in smart lighting systems are restraining the growth of the smart lighting market.
“Wired technology is expected to hold a larger share of the smart lighting market by 2023”
Currently, the smart lightings based on wired technology are widely adopted for different types of structures as this technology offer reliable connectivity, with no limitation on long-distance data transfer. Wired communication technologies for smart lightings include Digital Addressable Lighting Interface (DALI), Power-Line Communication (PLC), Power over Ethernet (PoE), and various wired hybrid protocols which include various company-specific proprietary protocols. Wired communication protocols are preferred in the applications where performance and reliability are crucial.
“The smart lighting market in APAC expected to grow at the highest CAGR between 2018 and 2023”
The growth of the market in APAC is attributed to the rapid infrastructure building activities being undertaken in APAC, mainly China, India, and Japan, where smart lighting paves the way for the modernization of infrastructure. Further, the increasing investments from the government sector also enhance the infrastructure facility in the country. Moreover, rising government expenditure on public infrastructure and increasing adoption of energy-efficient lighting systems are the major driving factors for the growth of the smart lighting market in APAC.
In the process of determining and verifying the market sizes for several segments obtained through secondary research, extensive primary interviews have been conducted with the key industry people.
The break-up of the profile of primary participants has been given below.
- By Company Type: Tier 1 = 20%, Tier 2 = 45%, and Tier 3 = 35%
- By Designation: C-Level Executives = 35%, Directors = 25%, Others=40%
- By Region: Americas = 45%, Europe = 25%, APAC = 20%, and RoW = 10%
The report profiles the top players in the smart lighting market, along with providing their respective market ranking. Prominent players in the market include Philips Lighting (Netherlands), Hafele Group (Germany), Acuity Brands (US), OSRAM (Germany), Cree (US), Hubbell Lighting (US), Zumtobel Group (Austria), Honeywell (US), Legrand (France), Eaton (Ireland), Lutron Electronics (US), and General Electric (US).
- The smart lighting market based on offering covers hardware, software, and services.
- The smart lighting market based on communication technology has been segmented into wired and wireless technologies.
- The smart lighting market based on application type covers indoor and outdoor applications.
- The smart lighting market based on installation type includes new installations and retrofit installations.
- The geographic analysis has been conducted with regard to North America, Europe, APAC, and RoW.
Reasons To buy this report:
From an insight perspective, this research report has focused on various levels of analysis?market ranking of top players; value chain analysis; company profiles that provide the basic views on the competitive landscape; emerging and high-growth segments of the market; high-growth regions; and market dynamics such as drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market development: Comprehensive information about lucrative emerging markets and analysis of the smart lighting market across various regions
- Market diversification: Exhaustive information about new products, untapped geographic regions, and recent developments in the overall smart lighting market
- Competitive assessment: In-depth assessment of ranking, growth strategies, and products of the leading players in the smart lighting market